A Progress Payment is one of the payment methods that is based on the percentage of the contract prices rather than providing a single lump sum. The detailed Progress Payment method is defined in the contract, and can be made at different stages. (e.g., based on planned progress, actual progress, or milestone achievement payment, etc.) Typically, payments are made periodically, a monthly basis with agreed the certain percentage of contract prices or agreed fixed amounts.
Related Definitions in the Project: The Project Management; Project Controls; Project Schedule; Project Cost
